In Trust For Account. If you establish or maintain an account in your name that is designated in the account title that it is in trust for (“ITF”) one or more beneficiaries, without presenting formal trust papers, you may make deposits, withdrawals, change, add, or remove beneficiaries, or close the account at your discretion during your lifetime. Your Social Security number must be used for income tax reporting. The beneficiary designated on our records has no rights to the account until the death of all owners of the ITF account and cannot make any withdrawals or account changes so long as you are alive. If we receive proof that you (or the last surviving co-owner of a joint account) have died, we will pay the balance of the account to the beneficiary or beneficiaries you designated on the signature card you executed for the account.
In Trust For Account. If this account is noted as an In Trust For account, the trustee(s) may change the named beneficiary(ies) at any time by a written direction to us. The trustee(s) reserves the right to withdraw all or part of the deposit at any time. Such payment or withdrawal shall constitute a revocation of the trust agreement as to the amount withdrawn. The beneficiary(ies) acquires the right to withdraw only if: (i) all of the trustees die, and (ii) the beneficiary is then living. The beneficiary(ies) is only entitled to the amount that is in the trust after all of the trustee’s(s’) outstanding checks and debits have been paid. If all of the beneficiaries predecease the trustee(s), the named beneficiary’s(ies’) death shall terminate the trust, and title to the money that is credited to the trust shall vest in the trustee(s). If two or more beneficiaries are named and survive the death of all of the trustees, such beneficiaries will own this account in equal shares without right of survivorship, unless otherwise indicated. If the primary beneficiary predeceases the owner(s), when two or more contingent beneficiaries are named and survive the death of the owner(s), such beneficiaries will own this account in equal shares without the right of survivorship, unless otherwise indicated. Named beneficiaries are assumed to be primary unless indicated as contingent.
In Trust For Account. If you hold the Account in trust for another person, you hereby represent and warrant that you are authorized to act on behalf of such person and have the necessary authority to operate the Account. Your liability to CAM in respect of the Account shall be as the beneficial owner of the Account and we may deal with you as though you are the beneficial owner. You agree that we have no responsibility to observe the terms of any trust, whether written, verbal, implied or constructive, that may exist between you and the beneficiary, and you are solely responsible for ensuring adherence to any restrictions of the trust and any applicable laws. You agree to operate the Account with the understanding that CAM has not and will not provide any advice, counsel or opinion whatsoever in respect of trusts, tax planning, or estate planning and makes no representations with respect thereto, and it is your sole responsibility to obtain appropriate advice to ensure the beneficiary’s needs and objectives are satisfied. Unless caused by our negligence, willful misconduct or breach of applicable laws, you agree to indemnify CAM against any loss, claim, damages, liability or expenses (including legal costs) arising from the operation of the Account in accordance with this section, including without limitation any claims made by you, a trustee or any beneficiary of any trust to which the Account may relate.
In Trust For Account. If the account is designated as an In Trust For account, you may change the named beneficiary at any time by written direction to us. Upon your death, or if there are two or more trustees, upon the death of the last trustee, the amount then on deposit together with the interest may be paid to the beneficiary or to the beneficiary's legal representative. We will not release any funds, however, until all legal documents have been delivered to us. We will not be liable for any payments or withdrawals made in accordance with state law.
In Trust For Account. If the Deposit Account is designated as an In Trust For account, you may change the named beneficiary at any time by written direction to Custodian. Upon your death, or if there are two or more trustees, upon the death of the last trustee, the amount then on deposit together with the interest may be paid to the beneficiary or to the beneficiary’s legal representative. Depository will not release any funds, however, until all legal documents have been delivered to Depository. Depository will not be liable for any payments or withdrawals made in accordance with state law.
In Trust For Account. An In Trust For account permits the account owners (trustee(s)) to transfer the account (trust) funds to named beneficiaries. If two or more trustees create an In Trust For account, then between the trustees, the account is treated as a joint account with right of survivorship. The trustee(s) may change the named beneficiaries at any time by written direction in a form acceptable to us. The trustee(s) may withdraw all or part of the funds at any time. Beneficiaries of an In Trust For account receive title and withdrawal rights in accordance with your beneficiary designation and any applicable state law upon your death, after all of the outstanding checks and debits of the owner have been paid. Such payment or withdrawal shall constitute a revocation of the trust for the amount withdrawn. A beneficiary can only acquire withdrawal rights by surviving all of the trustees. If more than one named beneficiary survives all of the trustees, then the beneficiaries will be entitled to equal shares of the funds without right of survivorship between them, unless otherwise indicated. If no beneficiary survives all of the trustees then the trust shall terminate and title to the account shall VEST in the trustees. In that case, it will be treated as an individual account (if there is one surviving trustee) or as a joint account with right of survivorship (if there is more than one surviving trustee) in the name(s) of the surviving trustees, rather than an In Trust For account. To the extent that they apply to your situation, individual account and joint with right of survivorship have the following meanings: The named party in an individual account owns the account and may withdraw all or some of the account. On the death of the party, ownership passes as part of the party's estate. The joint tenants (account owners) agree that all funds deposited now or in the future in this account shall be held as joint tenants with right of survivorship and not as tenants in common. Upon the death of a joint tenant, the account balance shall become the property of the surviving joint tenant(s). If there is more than one surviving joint tenant, then the account shall continue to be held as a joint account with right of survivorship. When there is only one surviving joint tenant, the account shall be treated as an individual account.
